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TELECOM
Verizon meets views, cuts outlook
The No. 1 U.S. local phone company earned 77 cents a share, up 7% from a year ago. That excluded $3.1 billion in charges due to soured investments. Revenue rose under 1% to $16.9 billion. Verizon cut its 2001 profit outlook to $3.07 to $3.12. It blamed weak demand for basic services. Analysts expected $3.12. Its shares fell 1.87, or 3%, to 54.15.
TECHNOLOGY
Motorola reaffirms for rest of '01
The chip and handset maker apologized to shareholders and pledged to do better. But Motorola said it couldn't offer guidance for 2002. President and COO Robert Growney expects third-quarter sales to rise 5% from $7.5 billion in the second quarter, while its loss should be smaller than last quarter's 9 cents a share. Motorola expects to earn a tiny profit in the fourth quarter as sales grow 5% from the third.
INTERNET